# Portfolio overlap — QLVD vs CIL

Comparing **FlexShares Developed Markets ex-US Quality Low Volatility Index Fund** (2026-01-31) and **VictoryShares International Volatility Wtd ETF** (2025-12-31).

- Shared positions: 127
- FlexShares Developed Markets ex-US Quality Low Volatility Index Fund covered by VictoryShares International Volatility Wtd ETF: 0.2628962731408726547249830308
- VictoryShares International Volatility Wtd ETF covered by FlexShares Developed Markets ex-US Quality Low Volatility Index Fund: 0.2628962731408726547249830307

## FlexShares Developed Markets ex-US Quality Low Volatility Index Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| Treasury Repurchase Agreement | 0.038021 |  |
| Novartis AG (Registered) | 0.036178 | ✓ |
| UNILEVER PLC | 0.025507 | ✓ |
| ROYAL BANK OF CANADA | 0.021854 | ✓ |
| Sanofi SA | 0.017930 | ✓ |
| NESTLE SA (REG) | 0.015376 | ✓ |
| CAN IMPL BK COMM | 0.014929 | ✓ |
| MITSUBISHI CORP | 0.014808 | ✓ |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 0.014592 | ✓ |
| IBERDROLA SA | 0.014588 | ✓ |
| ASML Holding NV | 0.014574 | ✓ |
| DEUTSCHE TELEKOM | 0.013152 | ✓ |
| MUENCHENER RUE-R | 0.013009 | ✓ |
| DBS GROUP HLDGS | 0.012931 | ✓ |
| JAPAN POST BANK | 0.011384 | ✓ |
| OCBC BANK | 0.010373 | ✓ |
| FRANCO-NEVADA CORP | 0.010201 | ✓ |
| ZURICH INSURANCE | 0.010143 | ✓ |
| BANK LEUMI LE-IS | 0.009547 | ✓ |
| BANK HAPOALIM | 0.009467 | ✓ |
| ENGIE | 0.009329 | ✓ |
| TAKEDA PHARMACEU | 0.009256 | ✓ |
| CAN NATL RAILWAY | 0.009003 | ✓ |
| DANONE SA | 0.008822 | ✓ |
| Compass Group PLC | 0.008718 | ✓ |
| FERGUSON ENTERPRISES INC | 0.008680 |  |
| POWER ASSETS | 0.008648 | ✓ |
| SWISS PRIME -REG | 0.008592 |  |
| DEUTSCHE BOERSE | 0.008574 | ✓ |
| SHIONOGI & CO | 0.008538 | ✓ |
| CK INFRASTRUCTURE HOLDINGS LTD | 0.008502 |  |
| KDDI Corporation | 0.008474 | ✓ |
| Kone OYJ, Class B | 0.008337 | ✓ |
| AENA SME SA | 0.008269 |  |
| SOFTBANK CORP | 0.008192 | ✓ |
| MIZRAHI TEFAHOT | 0.008171 | ✓ |
| NATL BK CANADA | 0.008168 | ✓ |
| KPN (KONIN) NV | 0.008167 | ✓ |
| SHELL PLC | 0.008160 | ✓ |
| SGS SA-REG | 0.008144 | ✓ |
| BOC HONG KONG HO | 0.008122 | ✓ |
| HALEON PLC | 0.008103 | ✓ |
| SCHINDLER HLD-PC | 0.008035 | ✓ |
| SINGAPORE EXCH | 0.007991 |  |
| SAMPO OYJ-A SHS | 0.007789 | ✓ |
| GEBERIT INTERNATINAL AG | 0.007716 | ✓ |
| CAPITALAND INTEG | 0.007704 |  |
| LINDT SPRUENGLI AG PC | 0.007594 | ✓ |
| JAPAN TOBACCO | 0.007594 | ✓ |
| INTACT FINL CORP | 0.007380 | ✓ |

## VictoryShares International Volatility Wtd ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| MONEYMKT | 0.006166 |  |
| Invesco Government & Agency Portfolio, Institutional Class | 0.006166 |  |
| HSBC US GOVT MMKT-I | 0.006166 |  |
| MSILF-GOVT-INS | 0.006166 |  |
| CLP HOLDINGS LTD COMMON STOCK | 0.004494 | ✓ |
| TELSTRA GROUP LT | 0.003913 | ✓ |
| TORONTO-DOMINION BANK | 0.003896 | ✓ |
| BANK OF NOVA SCO | 0.003751 |  |
| EMERA INC | 0.003665 | ✓ |
| CAN IMPL BK COMM | 0.003627 | ✓ |
| HYDRO ONE LTD | 0.003592 | ✓ |
| FORTIS INC | 0.003525 | ✓ |
| POWER CORP CDA | 0.003499 |  |
| TELUS CORP | 0.003469 | ✓ |
| HONG KONG & CHINA GAS COMMON STOCK | 0.003348 | ✓ |
| SWISSCOM AG-REG | 0.003348 |  |
| ROYAL BANK OF CANADA | 0.003271 | ✓ |
| NATL BK CANADA | 0.003263 | ✓ |
| KIRIN HOLDINGS C | 0.003204 |  |
| ENGIE | 0.003163 | ✓ |
| RWE AG | 0.003156 |  |
| FERROVIAL SE | 0.003151 |  |
| JAPAN TOBACCO | 0.003135 | ✓ |
| IBERDROLA SA | 0.003124 | ✓ |
| ORANGE | 0.003102 | ✓ |
| SNAM SPA | 0.003071 | ✓ |
| WILMAR INTERNATI | 0.003058 |  |
| MTR CORPORATION LTD | 0.003057 | ✓ |
| TELIA CO AB | 0.003045 |  |
| HANG SENG BANK | 0.003035 |  |
| POSTE ITALIANE | 0.003024 |  |
| BOUYGUES SA | 0.003001 |  |
| RIO TINTO PLC | 0.003000 |  |
| BANK OF MONTREAL | 0.002975 |  |
| TERNA-RETE ELETT | 0.002965 |  |
| POWER ASSETS | 0.002953 | ✓ |
| ENEL SPA | 0.002947 |  |
| ENDESA | 0.002943 |  |
| OCBC BANK | 0.002921 | ✓ |
| KPN (KONIN) NV | 0.002915 | ✓ |
| LOBLAW COS LTD | 0.002900 | ✓ |
| GREAT-WEST LIFEC | 0.002900 | ✓ |
| SAMPO OYJ-A SHS | 0.002880 | ✓ |
| Kone OYJ, Class B | 0.002878 | ✓ |
| NN GROUP | 0.002862 |  |
| SWISS LIFE H AG | 0.002841 |  |
| SSE PLC | 0.002832 |  |
| DANONE SA | 0.002821 | ✓ |
| ENBRIDGE INC | 0.002811 |  |
| ROCHE HOLDINGS AG (GENUSSCHEINE) | 0.002808 | ✓ |


## Sources

- N-PORT (fund A) — accession `0002071691-26-006231` (as of 2026-01-31)
  <https://www.sec.gov/Archives/edgar/data/1491978/000207169126006231/0002071691-26-006231-index.htm>
- N-PORT (fund B) — accession `0001004726-26-001301` (as of 2025-12-31)
  <https://www.sec.gov/Archives/edgar/data/1547580/000100472626001301/0001004726-26-001301-index.htm>

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